Why do financial systems differ? History matters

Arbeitspapier

We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emphasize financial market lending are more likely to continue doing so in the future, all else equal.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Working Paper ; No. 442

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices ; General Financial Markets: General (includes Measurement and Data) ; Financial Institutions and Services: General ; Economic History: Financial Markets and Institutions: General, International, or Comparative
• Thema: banks ; convergence ; Financial Institutions ; financial markets ; Financial Systems ; Finanzmarkt ; Finanzintermediation ; Dynamisches Gleichgewicht ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Monnet, Cyril ; Quintin, Erwan
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2005

Weitere Informationen

• Handle: http://hdl.handle.net/10419/152876
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ